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News » UK » Rydon decides against Grenfell provision » published 8 Mar 2018

Rydon decides against Grenfell provision

Grenfell Tower cladding contractor Rydon has decided there is no need to make any provision in its 2017 accounts for possible costs arising from the 14th June fire in the high rise building that killed 71 people.

Grenfell Tower caught fire on 14th June 2017 Above: Grenfell Tower caught fire on 14th June 2017

Rydon said that it had considered its position regarding the fire but saw no reason to set aside any money for potential losses or expenses.

It states in its 2017 accounts that “given the limited nature of the work commissioned, the approvals received in relation to it and the inter-relationship with work undertaken by other parties, no provision has been made in the accounts for any matters arising from these tragic events”.

Rydon was the main contractor responsible for a 2014-16 refurbishment that included fitting aluminium composite material (ACM) cladding with polyethylene core. The choice of cladding was determined to have contributed substantially to the speed and spread of the fire.

Rydon’s accounts show that in the year to 30th September 2017 its profits jumped 50% to £19m on revenue up 3% to £280m.

Lawyers for the victims’ families have said that they are considering legal action against Kensington & Chelsea Council, which owns Grenfell Tower, and companies involved in the application of the external insulation system.

 

 

 

MPU

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This article was published on 8 Mar 2018 (last updated on 12 Mar 2018).

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